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In a separate document, the U.S. Department of Justice is preparing the courthouse’s technology. They believe that Sam Bankman-Fried’s proposed jury questions are overly invasive and might be designed to benefit his defense.

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Earlier this week, both Bankman-Fried and the DOJ submitted questions for jury selection. These questions ranged from general inquiries about juror familiarity with the case to more specific ones about their knowledge of individuals with ADHD. These questions are crucial for ensuring a fair and unbiased jury selection process.

Prosecutors wrote to Judge Lewis Kaplan in the Southern District of New York, expressing concerns about some of Bankman-Fried’s questions. They found these questions invasive, particularly those that asked potential jurors about their opinions on FTX, the crypto exchange accused of fraud and which had a dramatic collapse last November.

Defense’s Jury Questions Criticized as Intrusive; Tech Upgrades Sought

The defense’s request for open-ended questions about potential jurors’ opinions on the case, the defendant, and the defendant’s companies was criticized as overly intrusive by prosecutors. They argued that questions about effective altruism and ADHD were unnecessary and aimed at promoting a defense narrative. Prosecutors also found questions about ADHD irrelevant and prejudicial.

Additionally, prosecutors have requested tech upgrades for the trial, including a high-speed ethernet connection, a printer for government use, and headphones for the jury. These upgrades, they believe, will significantly enhance the presentation of evidence during the trial.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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DOJ Seeks Bond Revocation for Sam Bankman-Fried, Submits Formal Request to Federal Judge. U.S. Prosecutors Seek Prison for FTX Founder Sam Bankman-Fried Before October Trial, Citing Witness Influence Attempts and Public Safety Concerns.

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On Friday, the Department of Justice (DOJ) filed a written submission to a federal judge, continuing their pursuit of detention for Bankman-Fried. This came after their Wednesday statement expressing their intent to seek detention due to Bankman-Fried sharing diaries from ex-Alameda Research CEO Caroline Ellison with the New York Times.

According to the DOJ filing, Bankman-Fried’s action of releasing Ellison’s writings is seen as an attempt to harass her and potentially influence or prevent her testimony in court.

DOJ Accuses Bankman-Fried of Witness Intimidation

In the DOJ filing, Bankman-Fried’s leaking of Ellison’s private writings is cited as an attempt to intimidate and corruptly influence her trial testimony.

The filing also suggests that he aims to discourage other potential trial witnesses from testifying by creating fear of media exposure on personal matters.

While Bankman-Fried has the right to defend himself publicly, the DOJ argues that sharing the diary information goes beyond fair comment, as he repeatedly seeks to corruptly influence witnesses and interfere with a fair trial through public harassment and shaming.

Judge Lewis Kaplan, presiding over the District Court for the Southern District of New York, ordered both the prosecution and defense to prepare formal documents regarding the DOJ’s request to detain Bankman-Fried during a hearing on Wednesday. The defense is required to respond by Tuesday.

Bankman-Fried’s trial is scheduled to commence on October 2, 2023.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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FTX Debtors believe that with approval from the bankruptcy court, customers will receive more than 90% of their total value by the second quarter of 2024.
FTX Debtors made an announcement in a filing on Monday, October 16, regarding the resolution of customer property disputes within their ongoing Chapter 11 cases. This resolution will be included in the Amended Plan of Reorganization, which FTX intends to submit by December 2023.
Pending approval from the Bankruptcy Court, the revised plan aims to ensure that customers worldwide will receive more than 90% of the value that can be distributed. The purpose of this customer shortfall settlement is to address the customer property disputes brought against the FTX Debtors and to support the confirmation of the amended plan by the second quarter of 2024.
The initial customer property lawsuit argued that users of FTX.com and FTX US had specific property rights in certain assets, rather than being in the same category as general creditors with unsecured claims. The Customer Shortfall Settlement resolves this dispute by giving customers an unsecured claim against the FTX Debtors, with equitable priority over certain segregated or acquired assets.
According to @spreekaway, the Debtors have proposed a settlement option. If you’ve made net withdrawals within the nine days before the bankruptcy filing date, you can choose to reimburse 15% of those withdrawals. If your net withdrawals during this period exceed $250,000, paying the 15% will prevent any legal action against you. However, if your net withdrawals in the last nine days amount to less than $250,000, they won’t pursue legal action against you.

FTX’s Revised Plan in Detail
The Amended Plan closely resembles the Draft Plan that was initially proposed by the FTX Debtors for discussion on July 1, 2023. Here are the key points of the Amended Plan:
1. FTX Debtors would organize their assets into three main categories:Assets dedicated to benefiting FTX.com customers.Assets reserved for FTX US customers.A “General Pool” containing other assets.2. Customers using FTX.com and FTX US would not only have a claim to the assets held at their respective exchanges but also a “Shortfall Claim” against the General Pool. This Shortfall Claim represents the estimated value of assets that are missing from their respective exchanges.3. The projected Shortfall Claim is approximately $8.9 billion for FTX.com and $166 million for FTX US.4. Out of the General Pool, 66% would be specifically allocated to settle Shortfall Claims. The remaining 34% would be used to settle any remaining Shortfall Claims and other claims in a proportional manner.
Resolution for Customer Shortfalls
FTX’s recent agreement to address customer shortfalls follows months of extensive negotiations by the FTX Debtors. They’ve been in discussions with various stakeholders to find common ground. FTX’s new management, led by John. J. Ray III, has been putting significant efforts into resolving issues with customers.
All of this is happening at the same time that SBF’s actions have been brought to light in the recent filing. These developments in the case shed light on how SBF used customer funds recklessly for celebrity promotions and deals. During his testimony on Monday, Nishad Singh, FTX’s former Head of Engineering, also admitted to engaging in unlawful activities with Sam Bankman-Fried.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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The claims suggest that Sam Bankman-Fried’s father, Joseph Bankman, played a significant role at the FTX Group, even though he wasn’t officially appointed as an officer.

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Creditors of the bankrupt cryptocurrency exchange FTX have taken legal action against the parents of FTX founder Sam Bankman-Fried. They accuse them of using their involvement in the exchange to take millions of dollars for themselves.

The lawyers representing the creditors filed a lawsuit against Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, on September 18. The creditors argue that Bankman and Fried used their access and influence within FTX to benefit themselves at the expense of the creditors in the FTX bankruptcy case. They claim that SBF’s parents were deeply involved in FTX’s operations from the beginning until its collapse, which contradicts what SBF has stated.

FTX Founder’s Parents Accused of Profiting from ‘Family Business’

According to the complaint, as early as 2018, Sam Bankman-Fried’s father, a professor at Stanford Law School, had significant authority in making decisions for the FTX Group, essentially acting as its unofficial officer. Bankman also held executive roles within the FTX Group’s management team.

SBF’s mother, also a professor at Stanford Law School, was actively involved in FTX’s political donations, with allegations suggesting that she played a crucial role in advising FTX to donate millions to a political action committee called Mind the Gap (MTG), which she co-founded.

According to the complaint, Bankman and Fried received significant benefits from their involvement with the FTX Group, including a $10 million cash gift and a $16.4 million luxury property in The Bahamas. The plaintiffs also allege that Bankman used FTX Group’s money for personal expenses like private jet charters and expensive hotel stays.

The creditors argue that by taking funds from the FTX Group for their own gain, Bankman and Fried either knew about or ignored signs that their son was involved in a fraudulent scheme to advance their personal and charitable interests, all at the expense of the debtors. The creditors are asking the court to hold Bankman and Fried responsible for their actions and recover assets for the creditors, including seeking punitive damages for their misconduct.

FTX Founder’s Parents Face Challenges After Exchange’s Collapse

After FTX went bankrupt in November 2022, Sam Bankman-Fried’s parents, Bankman and Fried, encountered professional difficulties at Stanford Law School. They also reportedly expressed concerns to friends that their son’s legal expenses could have a severe financial impact on them.

Sam Bankman-Fried, the founder and former CEO of FTX, was arrested and charged with 13 counts, including fraud, money laundering, and bribery. His first trial is scheduled to begin on October 3, focusing on seven charges related to fraudulent activities involving user funds at FTX and Alameda Research.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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